Funds advised by Apax Partners acquire stake in Trader Media Group

23rd March 2007

Funds advised by Apax Partners today announced the proposed acquisition of a 49.9% stake in Trader Media Group from the Guardian Media Group. Guardian Media Group will retain a 50.1% stake in the business. The transaction values Trader Media Group at £1.35 billion.

London, UK, 23 March 2007 Funds advised by Apax Partners ("Apax") today announced the proposed acquisition of a 49.9% stake in Trader Media Group ("Trader") from the Guardian Media Group ("GMG"). GMG will retain a 50.1% stake in the business. The transaction values Trader at £1.35 billion.

GMG announced in 2006 that it had decided to rebalance the Group's portfolio through the sale of a minority stake in Trader.

Tom Hall, Partner at Apax Partners, said: "We have followed the development of Trader with admiration for some time and are looking forward to partnering with GMG in such a high quality business. Our significant investment experience in the classified directories sector qualifies Apax well to support Trader in the continued evolution of both its print and online platforms."

"In addition, we are delighted to have delivered with JP Morgan our second covenant-lite financing package in two weeks, and the first ever new-money European covenant-lite deal. This innovative structure brings considerable benefit and flexibility to Trader."

Carolyn McCall, Chief Executive of GMG, added: "This is good news for GMG and Trader. We have been able to take advantage of the strong appetite for quality media assets and retain a majority stake in this superb company, from which we expect continued growth.

"Apax shares our commitment to the long-term development of Trader, and is an excellent partner for us in the business. We look forward to working closely with Apax as we build on the success of Trader together."

Apax was advised by: BNP, JP Morgan, Allen & Overy, OC&C Strategy Consultants and PwC.

Merrill Lynch International acted as lead financial adviser to GMG.

Notes to Editors

About Apax Partners

Apax Partners is one of the world's leading private equity investment groups.  It operates across the United States, Europe, Israel and Asia and has more than 30 years of investing experience.  Funds under the advice of Apax Partners total $20 billion around the world.  These Funds provide long-term equity financing to build and strengthen world-class companies.  Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. Funds advised by Apax Partners have invested in the media sector for more than 20 years. Significant recent investments include: Incisive Media, Central European Media Enterprises, HIT Entertainment, World Directories and Yell.  For more information visit: www.apax.com

For further information, please contact
Ben Harding
T: +44 20 7872 6300
E: ben.harding@apax.com